Chop the onion, garlic, carrots, potatoes, and bell pepper into bite-sized pieces. Cut the beef into cubes.

Heat vegetable oil in a large pot over medium heat. Add onions and garlic, cook until translucent. Add beef cubes and brown on all sides.

Stir in Hungarian paprika, tomato paste, carrots, bell pepper, salt, and pepper. Cook for 2-3 minutes to release flavors.

Add beef broth and bay leaves. Bring to a boil, then reduce heat and let simmer for 30 minutes until beef and vegetables are tender.

Add potatoes to the soup and cook for an additional 10 minutes until soft. Remove bay leaves.